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Economy & Business

Haitham AL-SHUKAIRI / AFP via Getty Images

Oman enters Gulf AI race with new special economic zone in Muscat

Oman will create an AI-focused special economic zone in Muscat governorate.

A pumpjack stands idle in the Huntington Beach oil field, with port cranes visible in the distance, on April 23, 2026, in Huntington Beach, California.

Oil surges past $120 to war-time high as Trump rejects Iran overture

Benchmark Brent crude surpassed $120 per barrel on Wednesday, reaching the highest levels yet seen during the US-Israel-Iran war.

An Iraqi money dealer counts Iranian rial banknotes bearing a portrait of the late founder of the Islamic Republic of Iran, Ayatollah Ruhollah Khomeini, at an exchange office in Baghdad on Feb. 3, 2012.

Iranian rial hits new record low as blockade, war take toll: What to know

The rial had another collapse in late 2025, triggering massive protests and riots in the country that were ended by a forceful government crackdown.

GIUSEPPE CACACE/AFP via Getty Images

Analysis

UAE’s OPEC exit rattles cartel as Gulf alliances shift

OPEC's fourth-largest producer will leave the cartel on May 1, marking the most significant departure in the group’s history as the war changes Abu Dhabi's relationship priorities.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Latest News

Why UAE's decision to leave OPEC is major shift for cartel

MUMEN KHATIB/AFP via Getty Images

United Arab Emirates

First LNG tanker transits Strait of Hormuz since Iran war began

Yuichi YAMAZAKI / AFP via Getty Images

Pistachios reach highest prices in eight years amid Iran war

An Iranian grocer sells pistachios imported from Iran at a Persian products shop in the Gulf emirate of Dubai on July 10, 2019. (Photo by Karim SAHIB / AFP) (Photo credit should read KARIM SAHIB/AFP via Getty Images)

UAE’s cash request tests US ties as Iran war strains Gulf financial muscle

A view of Dubai Marina in Dubai on March 3, 2026.

United Arab Emirates

Samuel Wendel

Senior Market Research Analyst

In Washington, DC, reporting on regional business and tech

Adam Lucente

News and Business Correspondent

In New York City, reporting on regional news, militancy, climate change

Jack Dutton

Chief Business Correspondent

In Bristol, reporting on regional business, climate change, AI, tech

Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

Vanessa Ghanem

In Dubai, reporting on business, energy and politics

Francisco Serrano

In Lisbon, reporting on North Africa business

APM Terminals.

Jordan’s port in Aqaba signs $242 million investment deal

The agreement with the Dutch firm APM Terminals could help increase trade through the Red Sea port.

David Hecker/Getty Images

Qatari oil, gas exports up 100% in 2022

Qatar is working to export more gas to Europe in response to the Russian invasion of Ukraine.

Residential buildings are seen unilluminated in the evening on Sept. 10, 2022, in Berlin, Germany.

UAE to help Germany reduce dependence on Russian gas

Qatar is also reportedly close to supplying the European country with natural gas amid the Ukraine war.

United Arab Emirates

Cranes move shipping containers on a Maersk Sealand ship.

Egypt explores production of green fuels for ships

Egypt plans to cooperate with the Maersk global shipping group to establish a national network to produce and distribute green fuel for ships, depending on new and renewable energy sources, as the country gears up to host the COP27 climate summit.

Palestinian farmers harvest cucumbers in a field near Gaza City, Gaza Strip, Sept. 7, 2022.

Palestinian economy falters despite pandemic recovery

Despite the end of the coronavirus pandemic, an improvement in the Palestinian economy does not seem very likely given other factors.

Israel gas

Natural gas profits finally put Israel's wealth fund into business

After four disappointing years, Israel’s wealth fund, based on tax revenues from natural gas companies, has enough money to begin making investments.

A giant banner of the Russian national Mir card payment system.

Halt of Mir use deals blow to rising Putin-Erdogan cooperation

The specter of Western sanctions could curb other economic activities between Turkey and Russia as the surging bilateral trade comes under growing scrutiny.

A corn vendor waits for customers on a street in Istanbul on Sept. 6, 2022.

In shock move, Turkey cuts interest rates again

Inflation is historically high in Turkey, but President Erdogan continues to defy economic wisdom as the country's central bank slashed policy rates further.

Palestinian laborers work at a stone quarry during International Workers Day, Gaza City, Gaza Strip, May 1, 2021.

Palestinian businessman seeks self-funded projects to support Gaza economy

An agreement of $1 million was signed to restore industrial facilities that were destroyed in the May 2021 war on Gaza, which came as a glimmer of hope for the stricken industrial city.

Gulf banking

Gulf banks raise interest rates, following US Federal Reserve

Gulf states often follow the American central bank in their interest rate decisions.

University student Najd Fahd.

Saudi esports success depends on local businesses, say industry players

After Saudi Arabia released its esports strategy last week, members of the region’s local gaming industry say community players, developers and startups are key to actualizing the plan’s ambitious goals.

Egyptian laborers work at a charcoal factory in Sharkia governorate in the fertile Delta, north of Cairo, Egypt, Jan. 29, 2020.

Egyptian coal factory shuts down in lead-up to COP27

El-Nasr Company for Coke and Chemicals was liquidated recently, less than a year after another industry and steel company was closed down, as the Egyptian government seeks to abandon coal in its factories and rely more on clean energy.